In 2017, the global LiDAR market was valued at USD 1.69 billion and is
projected to reach a value of USD 3.455 billion by 2023, recording a
CAGR of 12.66% during 2018-2023.

Research indicates that the revenue from the autonomous cars is
anticipated to go beyond EUR 10 billion by 2020. LiDAR systems are
expected to benefit from this growth, along with other intelligent
devices as they are expected to assist in averting accidents. The growth
of 3D printing market and the demand for 3D printed images are likely to
offer potential opportunities for the LiDAR market. However, average
LiDAR systems employed in autonomous cars cost around USD 60,000 to USD
80,000.

Across the globe, the automobile industry is flourishing. It is expected
that the total number of vehicles in the world could double, to reach
around 2.5 billion by 2050. LiDAR in automobiles are used in to perform
functions like mapping, improved and advanced driver-assistance (ADAS),
and enable fully self-driving vehicles. The LiDAR systems enable the
avoidance of collisions, and thus, support the production and use of
ADAS. When compared to traditional sensors, LiDAR functions better in
the accurate profiling of static or dynamic objects that are impending
over long distances. Also, it is less likely to provide missed or false
alerts, making it much safer.